The committee, which was announced this spring as part of Paulson's push to improve the competitiveness of U.S. markets, consists of 21 individuals drawn from Wall Street, corporate boardrooms, Big Four and mid-tier accounting firms, pension funds and other investor groups.

Members include the likes of former Securities and Exchange Commission chairman Arthur Levitt, Public Company Accounting Oversight Board member and former SEC accountant Lynn Turner, and Bank of America global risk exec Amy Woods Brinkley. According to CNNMoney.com, the group will address issues including "recruiting and training accountants, audit firm concentration, auditor independence rules, and limiting liability of accounting firms in cases of corporate accounting fraud."

The group's first meeting is slated for October 15.

A similar panel appointed by SEC chairman Christopher Cox is looking into accounting and auditing practices as well, the story says. Its work is aimed at simplifying the rules for the benefit of both investors and companies.